Montrose Savings Bank - Montrose, MO

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: savings bank
Start Date: December 6, 1932
Location: Montrose, Missouri (38.258, -93.981)

Metadata

Model: gpt-5-mini
Short Digest: 3aa2194a

Response Measures

Capital injected, Full suspension

Other: Reorganization plan required depositors to take 25% of deposits in stock, waive 50%, and leave 25% as checking accounts; moratorium declared by mayor.

Description

Article (Appleton City Journal, 1933-01-05) reports a run that prompted a moratorium declared by the mayor on Dec. 6 (year implied 1932) and the bank reopened in early January 1933 under a reorganization plan (depositors taking stock, partial waiver). Dates inferred from publication date; suspension was a mayor-declared moratorium (government action).

Events (3)

1. December 6, 1932 Run

Cause Details: Unspecified heavy withdrawals/a run that led to unequal treatment of depositors; article does not specify rumors or bank-specific scandal.
Measures: Reorganization plan: each depositor takes 25% of deposits in stock, 50% waived, 25% as checking account; signed by 98% of depositors.
Newspaper Excerpt: has been closed since December 6, on a moratorium, declared by the Mayor of Montrose, following a run on the bank which made it unfair to the depositors who did not withdraw.
Source: newspapers

2. December 6, 1932 Suspension

Cause: Government Action
Cause Details: Moratorium declared by the mayor of Montrose following the run; bank closed to prevent unfair withdrawals.
Newspaper Excerpt: has been closed since December 6, on a moratorium, declared by the Mayor of Montrose, following a run on the bank
Source: newspapers

3. January 3, 1933 Reopening

Newspaper Excerpt: The Montrose Savings Bank reopened Tuesday morning on a reorganization plan by which each one of the depositors takes 25 per cent of their deposits in stock.
Source: newspapers

Newspaper Articles (1)

1. January 5, 1933 Appleton City Journal Appleton City, MO

Article from Appleton City Journal, January 5, 1933

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Article Text

MONTROSE BANK OPENS AFTER MORATORIUM The Montrose Savings Bank reopened Tuesday morning on a reorganization plan by which each one of the depositors takes 25 per cent of their deposits in stock. Fifty per cent of their deposits they have agreed to waive and 25 per cent will be used as a checking account. There were no withdrawals Tuesday and $6,000 more money was deposited. The reorganization plan was signed by 98 per cent of the depositors. The cashier is Fred Hill and the assistant cashier is Will Dugan. The Montrose Savings Bank has been closed since December 6, on a moratorium, declared by the Mayor of Montrose, following a run on the bank which made it unfair to the depositors who did not withdraw. The citizens of Montrose have gotten behind the proposition and put their shoulder to the wheel and made wonderful progress. They have elected the following men as their directors: Gardner, F. H. Hageboeck, Dave C. Calhoun, John A. Cook, Fred Hill.